What You Need to Know
- The ex-Wells Fargo rep allegedly transferred client funds to his own bank account without permission.
- Wells Fargo terminated him in April over those allegations.
- He then refused to provide documents and information requested by FINRA.
The Financial Industry Regulatory Authority has barred an ex-Wells Fargo broker who allegedly misappropriated client funds that were received in his own personal bank account without the permission of clients, according to FINRA.
Without admitting or denying FINRA’s findings, Tyler Rigsbee signed a FINRA letter of acceptance, waiver and consent on June 25 in which he consented to the imposition of FINRA’s sanction against him. FINRA signed the letter Wednesday.
“At Wells Fargo Advisors we hold our employees to the highest professional standards of putting our clients’ interests first,” a spokesperson for the wirehouse told ThinkAdvisor on Friday. “The advisor involved in this matter is no longer with the firm.”
Thomas A. Johnson, a Sacramento, California lawyer who represented Rigsbee in his dispute with FINRA, did not immediately respond to a request for comment.
Rigsbee first became registered with FINRA in 2014. In October 2016, he registered through Wells Fargo Clearing Services as a general securities representative.